WP Carey has acquired a portfolio of four automotive retail and service sites, totalling approximately 18,700m² (201,000ft²) in the Netherlands for c. €29m. The portfolio is triple-net leased to one of the largest Dutch automotive retail and leasing services providers, for a term of 17 years, and was completed in an off-market transaction. The company has been investing in the Netherlands since 2002 and has acquired approximately €700m of assets across a range of sectors and asset classes. This deal, along with other recent transactions, reflects W. P. Carey’s continued confidence in the region.
Christopher Mertlitz, Director, W. P. Carey, said: "Our 16-year history of investing in the Netherlands and knowledge of the auto dealership industry positioned us well to secure the portfolio in an off-market transaction. We believe the acquisition complements the strength of our existing automotive portfolio and will generate strong risk-adjusted returns from a leading automotive company with steady cash flows from multiple revenue sources, including new and used car sales, leasing services, aftersales and repairs. Consistent with our established investment criteria, the transaction demonstrates W. P. Carey’s continued appetite to build on our portfolio in the region. We look forward to future opportunities to work with our tenant.”
